Historic Inflows: Spot Bitcoin ETFs Attract Over $1 Billion in a Single Week
The recent US SEC-approved Bitcoin ETFs collectively netted $1.1 billion in inflows last week, according to a new report by European crypto asset manager CoinShares.
Total inflows into spot Bitcoin ETF products now amount to $2.8 billion since they hit the market on January 11.
Institional hoarding of the world’s biggest cryptocurrency is reflected in its price. On Monday, BTC topped $50,000, according to crypto data aggregator CoinGecko. Altogether, Bitcoin has risen 13.2% in the last seven days, although it’s currently trading just shy of its $50k support level at $48,603.
Bitcoin’s recent inflows have contributed towards pulling the entire market back up to a capitalization of nearly $2 trillion. Bitcoin accounts for around half of that as it closes in on its former all-time high market cap of $1.28 trillion on November 9, 2021.
Other cryptocurrencies that saw notable appreciation last week include Ethereum, Cardano and Solana. Ethereum gained 12.1% in the last seven days, Cardano grew 8.4%, while Solana rallied 16.3%.
The buying was strongest in the United States, according to CoinShares. The US accounted for virtually all of the $1.1 billion inflows. In second place came Switzerland, accounting for $38.9 million in inflows.
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